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We our renting our house out for the open golf help with tax please

Nick1969
Posts: 46 Forumite
in Cutting tax
We are renting out our house for 10 days as a one off. Never done it before so Im not sure how we stand on tax.
I am employed part time, my husband is self employed. Our joint household income is £15K.
We are living in our caravan whilst we rent out.Meanwhile I need to pay for a Gas inspection,Pat testing, towels, bedding, broadband, sky TV etc.We are also finishing off our bathroom for the rental.
We are going to get £3000. After the agent takes off their comission.
What should we do? can we offset the items above, that we have needed to purchase?
We are also hoping to put the net money back into our property,by building a granny flat type of thing for our teenage son.
I am employed part time, my husband is self employed. Our joint household income is £15K.
We are living in our caravan whilst we rent out.Meanwhile I need to pay for a Gas inspection,Pat testing, towels, bedding, broadband, sky TV etc.We are also finishing off our bathroom for the rental.
We are going to get £3000. After the agent takes off their comission.
What should we do? can we offset the items above, that we have needed to purchase?
We are also hoping to put the net money back into our property,by building a granny flat type of thing for our teenage son.
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Comments
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Sorry, but thats mad - why would somebody pay £3000 to rent a house for 10 days - even a luxury hotel wouldnt cost that much! Not to mention the check to insist that broadband and sky are fitted for the duration or were you just hoping to pop it in at the time and get the use out of it. You'll be left with the contracts on those for at least 12 months so is it really viable for 10 days?
You wont be able to claim back much for a 10 day rent, the bathroom costs is not covered as it not maintenance but an improvment. Having had a look at the link below, you cant claim for the broadband or sky, cant see that the towels and bedding are covered either. Most of the £3000 will have to be declared as income and tax paid accordingly. The rental term is so short that there will be no depreciation at all.
http://www.jacksonhewitt.com/?ResourcesLibraryTopicsRealestate0 -
I have no experience with short term rentals but I think you could offset 10% of the rental income. suggest you ask your agent to advise. IR provide a very informative booklet, (or at least they did a few years back) phone and ask or you may be able to download online."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
DaisyFlower wrote: »Sorry, but thats mad - why would somebody pay £3000 to rent a house for 10 days - even a luxury hotel wouldnt cost that much! Not to mention the check to insist that broadband and sky are fitted for the duration or were you just hoping to pop it in at the time and get the use out of it. You'll be left with the contracts on those for at least 12 months so is it really viable for 10 days?
You wont be able to claim back much for a 10 day rent, the bathroom costs is not covered as it not maintenance but an improvment. Having had a look at the link below, you cant claim for the broadband or sky, cant see that the towels and bedding are covered either. Most of the £3000 will have to be declared as income and tax paid accordingly. The rental term is so short that there will be no depreciation at all.
http://www.jacksonhewitt.com/?ResourcesLibraryTopicsRealestate
It may sound mad but my house is a small fish towards the others renting in my area, some houses are being rented for the Royal Birkdale Open Golf Championships for up to £30,000 for 10 days.
I suppose 5 adults within walking distance from the site, with a house with all mod cons is inviting to some professional golfers and site workers.
I already have broadband and sky I just need to upgrade to sky sports for that time.
I Just wondered if anyone thought it may be classed as unearned income and Id get taxed a different rate, thats all.0 -
Hi,
how many folks will bother to declare it, most will jaunt off for a holiday with proceeds.0 -
Reminds me of the time that Royal Ascot came to York, every man and his dog was going to rent his house out for the weekend and make a killing, course it never happened.0
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It may sound mad but my house is a small fish towards the others renting in my area, some houses are being rented for the Royal Birkdale Open Golf Championships for up to £30,000 for 10 days.
I suppose 5 adults within walking distance from the site, with a house with all mod cons is inviting to some professional golfers and site workers.
I already have broadband and sky I just need to upgrade to sky sports for that time.
I Just wondered if anyone thought it may be classed as unearned income and Id get taxed a different rate, thats all.
Doesn't sound mad to me - £300 a day and the chance to leave the area when the golf is on.......perfect. i would try and get a bit more rent for the property.0 -
I've known a lot of people move into their shed each summer to rent out an extra room in their house to holiday makers for B&B or to rent out the whole house. It's quite common in tourist areas.
I notice your household income isn't a great deal (quite a normal level for, say, a lot of UK seaside towns though), so the £3000 will go a long way towards easily increasing that. And if nothing else it will pay for your upgrades in your house.
I hope it all goes brilliant for you - and that perhaps you get to do this again for further weeks later this year at peak holiday times perhaps!
Well done to you for giving it a go.0 -
Hello, Do you mind me asking how you have gone about arranging to rent your house out during the open golf this year? We are considering doing the same but do not know where to start!We are renting out our house for 10 days as a one off. Never done it before so Im not sure how we stand on tax.
I am employed part time, my husband is self employed. Our joint household income is £15K.
We are living in our caravan whilst we rent out.Meanwhile I need to pay for a Gas inspection,Pat testing, towels, bedding, broadband, sky TV etc.We are also finishing off our bathroom for the rental.
We are going to get £3000. After the agent takes off their comission.
What should we do? can we offset the items above, that we have needed to purchase?
We are also hoping to put the net money back into our property,by building a granny flat type of thing for our teenage son.0 -
Are you in Birkdale? then go to Ball and Percival and get listed.They will give you all the details.
There is also a website. :beer:0 -
i dont know if it will be of any use because it is based on the 2010 ryder cup, but there is a thread about doing the same sort of thing HEREknow thyselfNid wy'n gofyn bywyd moethus...0
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